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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Subcontractor


Synonyms:builder, carpenter, handy-man, programmer, skilled labourer, tradesman
Filed Under: real-estate
Tags: realty
 

Definition of subcontractor

subcontractor
1. An individual or company that does specialty work for a general contractor such as an electrician or plumber.
2. Subcontractors are employed by companies in order to help them fulfill their contractual services. Anyone who enters into a contract with the primary contractor may be considered a subcontractor.

Related Terms and Acronyms:

  • borrow pit   A hole from which topsoil, gravel, or other material is removed for use in a construction project.
  • contractor   One who constructs or oversees construction of a house or a large renovation.
  • cost-plus contract   An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
  • custom builder   A contractor that constructs or remodels houses based on plans submitted by the client.
  • developer   To develop or create something.
  • draw mortgage (DM)   A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
      ➥  See Progress Advance Mortgage (PAM).
  • drywall   Panels of gypsum plaster wrapped in thin cardboard and attached to the house framing to create interior walls.
  • general contractor   The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
  • self-build insurance   Insurance that covers a homeowner for problems involved in a construction project.
  • speculation builder   A developer that builds houses without a commitment from a purchaser.

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